Table 17 Diff-in-diff robustness check:...

Table 17

Diff-in-diff robustness check: effect of equity agreements with banks on FinTechs' website traffic (Model 2a) for the time window (−1, 4)

Time intervals	−1 to 0	−1 to 1	−1 to 2	−1 to 3	−1 to 4
Panel A – Dependent variable: G_Trends
Post*Bank_Equity	0.100	0.244*	0.278*	0.271*	0.306**
Post*Bank_Equity	(0.129)	(0.133)	(0.156)	(0.159)	(0.119)
Post*Age	−0.054	−0.053	−0.088**	−0.098**	−0.104***
Post*Age	(0.034)	(0.037)	(0.041)	(0.041)	(0.040)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	156	225	277	315	341
R2	0.038	0.036	0.037	0.032	0.033
F-stat	1.494	2.617*	3.721**	3.811**	4.328**
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Equity	0.042	0.142*	0.270*	0.358	0.489
Post*Bank_Equity	(0.042)	(0.087)	(0.160)	(0.235)	(0.337)
Post*Age	−0.017*	−0.025	−0.053	−0.072	−0.092
Post*Age	(0.010)	(0.020)	(0.036)	(0.049)	(0.065)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	156	225	277	315	341
R2	0.034	0.028	0.026	0.024	0.017
F-stat	1.327	2.008	2.558*	2.811*	2.188

Time intervals	−1 to 0	−1 to 1	−1 to 2	−1 to 3	−1 to 4
Panel A – Dependent variable: G_Trends
Post*Bank_Equity	0.100	0.244*	0.278*	0.271*	0.306**
Post*Bank_Equity	(0.129)	(0.133)	(0.156)	(0.159)	(0.119)
Post*Age	−0.054	−0.053	−0.088**	−0.098**	−0.104***
Post*Age	(0.034)	(0.037)	(0.041)	(0.041)	(0.040)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	156	225	277	315	341
R2	0.038	0.036	0.037	0.032	0.033
F-stat	1.494	2.617*	3.721**	3.811**	4.328**
Panel B – Dependent variable: G_Trends_Growth
Post*Bank_Equity	0.042	0.142*	0.270*	0.358	0.489
Post*Bank_Equity	(0.042)	(0.087)	(0.160)	(0.235)	(0.337)
Post*Age	−0.017*	−0.025	−0.053	−0.072	−0.092
Post*Age	(0.010)	(0.020)	(0.036)	(0.049)	(0.065)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
N° observations	156	225	277	315	341
R2	0.034	0.028	0.026	0.024	0.017
F-stat	1.327	2.008	2.558*	2.811*	2.188

Note(s): The coefficient of the interaction Post*Bank_Equity (β₃) measures the effect of equity agreements with banks on the website traffic of treated FinTech firms compared to control units and can only be estimated when considering also post-treatment periods. All the specifications include firm fixed effects, time fixed effects and the interaction Post*Age. The columns show the results of separate panel regressions for each time interval, with the dummy Post equal to 1 in the years when we want to evaluate the effect of strategic alliances with banks and 0 in pre-treatment period (−1). Standard errors are clustered at firm level. Significance levels: *, **, *** for 10%, 5% and 1%, respectively

Source(s): Table was created by the authors

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